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Margarita Stefanova Yordanova
TOPICAL LEGAL PROBLEMS RELATED TO REGULATIONS CONCERNING JOINT-STOCK COMPANIES
Summary:
The paper examines some current legal issues related to regulations concerning the joint-stock companies. The aim of the research is to analyze the current status of shareholders in such companies, the protection of their rights and the liability of the governing bodies for violation of their rights. An analysis was carried out on the membership rights of expelled shareholders in cases of increase or reduction in the capital of a joint stock company. Special emphasis is put on issues related to management’s liability for damages inflicted on the company. The author argues for its classification as a contractual liability on the grounds of research and analysis of the current jurisprudence. The conclusion provides a summary and suggestions for improvement of the existing commercial legislation.
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Yordan Yordanov
ATTRACTIVENESS OF INVESTMENT FUNDS IN BULGARIA
Summary:
This paper addresses the issue of attractiveness of Bulgarian investment funds to various classes of investors over the last decade. It exploits data on AUM (assets under management), return, number of funds, risk profile of funds and fund managers in order to grasp trends in the investment fund sector. Also, the asset allocation in aggregate portfolio is traced, in order to determine the overall portfolio strategy.
It turns out, that the growth of AUM is not justified by the potential of household savings and nonbank financial institutions’ asset base. The average equally weighted funds’ return is below, while AUM weighted is slightly above benchmarks for 2015-2019.
The examination of the overall investment funds’ portfolio shows a strong bias towards “Cash” and “Other Investment Funds” allocation of assets. In depth examination of the portfolios of specific funds reveals an unwholesome practice of deviation from declared portfolio strategy. In addition, the low level of AUM per fund is likely to hurdle Bulgarian investment funds to offer competitive fees.
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Radka Nenova
INFLUENCE OF RENT ON THE PRICE OF AGRICULTURAL LAND IN BULGARIA
Summary:
In recent years in Bulgaria there has been a functioning market for agricultural land, which affects the variation of prices. The present study emphasizes the need to take into account the cross-sectional and time differences in the price of agricultural land which is the object of the study. With the development of land relations, the importance of the price for the use of agricultural land (rent) increases. For this reason, the subject is to reveal the impact of the amount of rent on the price of agricultural land. The goal is to measure and evaluate the strength of the relationship between them. The main research thesis of the author is that, other things being equal, the change in the amount of rent leads to the same change in the price of agricultural land, but at different rates, and existing cross-sectional and time effects of this relationship can be fixed and analyzed. NSI data on the price of agricultural land and rent in Bulgaria by districts and by years for the period 2010-2018 have been used.
In theoretical terms, the basis for the study is the capitalized rent approach proposing a specific adapted methodology. Four regression models were constructed: simple panel regression, panel regression with region fixed effect, panel regression with year fixed effect and panel regression with region and year fixed effect at the same time. All four models are adequate, there is no autocorrelation in the residues; well describe the change in the studied variables.
The main conclusion is that, other things being equal, the change in rent leads to a change in the price of agricultural land, which is different in space and time and in turn can generate an increase or decrease in investment intentions of investors to agricultural land in different regions in different periods of time. The inclusion of fixed effects in the models is substantiated and the results show that the model with region-year fixed effects is the best.
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Tsanko Iliev Stefanov
PUBLIC RELATIONS AND THEIR ROLE IN COMMUNICATION POLICY OF ORGANISATIONS
Summary:
Theoreticians and practicians have been constantly trying to formulate the most precise definition, which explains and justifies the concept of “public relations”. It undoubtedly relates to communication management so that good interconnection and mutual understanding between an organisation and its audiences can be built. The establishment of the “PR” system is a complex process, through which optimal publicity of an organisation’s activities is achieved. It improves its prestige, which is the guarantee for maintaining a favourable image among the general public.The thesis that the author justifies, is that public relations help harmonize the interests between an organisation and various groups of the society in order to maintain a constant two-way connection with the consumers, choose the right response to crisis situations, to achieve transparency and publicity of their actions in business. The aim of the study is to analyze and interpret public opinion, attitude and any other issues related to the studied structures and to present marketing tools for approving their positioning to the public. The main tasks are focused on analyzing public relations; defining the practical aspects and main activities of public relations specialists; presenting the duties of PR specialists and the PR activities performed in an industrial enterprise and in a public institution; defining the main tools of the public relations marketing which are used in both studied structures.
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Penka Goranova, Steliana Vasileva
EMPIRICAL STUDY OF THE SYNERGISTIC EFFECT BETWEEN THE ELEMENTS OF INTEGRATED MARKETING COMMUNICATIONS
Summary:
The coupled use of the elements of Integrated Marketing Communications (IMC) allows them to be combined so that they can complement one another. The aim is to achieve a consistent and logical exposure of the communication messages in their harmony. Thus the overall impact on the target audience increases, which is especially useful when the company conducts low-budget campaigns. The aim of this paper is, based on the conclusions and findings of the empirical study of consumers’ attitudes towards the elements of Integrated Marketing Communications, to offer a tool for decision-making, which will increase the efficiency in the implementation of the IMC concepts of companies.
In connection with the purpose stated above, the following tasks are set:
to explore the essence of Integrated Marketing Communications and the reasons for their occurrence;
to outline the stages of developing a program for Integrated Marketing Communications;
to analyze the synergistic effect between the elements of Integrated Marketing Communications.
The paper proves the thesis that the synergistic effect between the elements of Integrated Marketing Communications is needed in the modern management of companies and as a result of its application the companies achieve better results than by using the IMC elements separately.
The conclusions and findings from the Confirmatory Factor Analysis that was conducted between the elements of Integrated Marketing Communications can be used as a reference in managing the communication policy of companies, and for refining and optimizing the budget allocation between the elements within the IMC concept.
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Nadya Davidenko, Ivan Dimitrov, Adile Dimitrova
STUDY OF DETERMINANTS OF ENTREPRENEURIAL INTENTIONS OF STUDENTS IN THE BUSINESS MAJORS
AT THE NATIONAL UNIVERSITY OF LIFE AND ENVIRONMENTAL SCIENCES OF UKRAINE
Summary:
Entrepreneurship is a leading economic force that drives the development of modern society. The well-being of nations depends largely on current and future entrepreneurial activities. Students can be seen as potential future entrepreneurs. It is therefore very important to explore their intentions for entrepreneurial activity. In this respect, universities play a very important role in creating and developing entrepreneurial thinking among students. The research encompasses a sample of students trained in the business majors of the National University of Life and Environmental Sciences of Ukraine - Kiev. The objective of the study is to explore the factors that influence the entrepreneurial intentions of students in business studies at the National University of Life and Environmental Sciences of Ukraine - Kiev. The following research tasks are set to achieve the main objective:
- to analyze the demographic data of the sample surveyed;
- to analyze the students' intentions for career development;
- to analyze the impact of primary determinants according to the Theory of Planned Be-haviour on entrepreneurial intentions of students;
- to analyze the influence of the secondary determinants according to the Theory of Planned Behaviour on entrepreneurial intentions of students;
The study is based on the Theory of Planned Behaviour. The main thesis of the study is as follows: Students' entrepreneurial intentions are the result of the impact of two sets of factors. The first group includes key career choice factors such as attitudes, subjective norms, and perceived behavioural control. The second group covers context factors such as the university context, the family context, personal motives, and the social/cultural context.
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Tanya Gorcheva
INTERNATIONAL DEVISION OF LABOR AND MANIFACTURING SPECIALIZATION IN CONTEMPORARY PHOTOVOLTAIC BUSINESS
Summary:
One of the fastest-growing high-tech industries using innovative technologies in the key sector of every economy such as energy and photovoltaic business, in particular, provides a basis for tracing the process of resource restructuring leading to transformations in the international division of labour and international manufacturing specialization, and thus to a change in international trading positions. Based on a retrospective analysis a methodological construction is developed, which provides basis for analysing the factors and monitoring the current process of international division of labour in the field of photovoltaic business. In this regard, its market and non-market incentives are observed with the idea to derive competitive advantages in international trade in photovoltaic systems.
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Evelina Parashkevova Velikova
METHODOLOGICAL ASPECTS OF FUNCTIONAL ANALYSIS IN THE STRUCTURE OF PUBLIC ADMINISTRATION
Summary:
Functional analysis is a tool for improving organizational functioning in the public sector. It is based on analysis in three directions: effectiveness, efficiency and relevance of work processes and functions. A new moment in its implementation is linking the work of the administration with the process of goal setting and implementation of policies led by state administration structures.
This paper presents some specific concepts that need to be taken into account when performing functional analysis, as well as its relationship to the workflows in the administration, both organizational and customer-oriented. The basic prerequisites for performing quality functional analysis are outlined and a set of iterations of methodological nature for conducting such analysis in real working environment are proposed.
The main contribution of this study is the iterative approach presented in four main stages for conducting functional analysis taking into account the specifics of public sector workflows.
Reference is made to the follow-up functional analysis of the actions that need to be taken by the administrations in order to have a real effect on improving the performance of the public sector and reducing duplicate functions.
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Venelin Terziev, Hristo Bonev
METHODOLOGY FOR ASSESSING THE PREVENTION SYSTEM OF PROSTITUTION
Summary:
The article analyzes women’s sexual exploitation in order to obtain benefits and financial resources that support organized crime groups. The aim of the paper is to clarify the organizational management aspects of the prostitution prevention system and develop a methodology for assessing it. The authors' research thesis is that the effective implementation of the prevention system requires the existence of organizational capacity in the prevention authorities (not only in the form of competencies, but also in guidelines, rules, order of prevention), with a view to determining and converting monitoring and control in a manageable and effective way. The object of the survey is the system of prevention of prostitution and its subject - its organization and the methodology for its evaluation. In direct relation to the objective are the tasks of the study: to clarify the organizational and managerial aspects of the system for prevention of prostitution and to propose a methodology for assessing this system. The prevention effectiveness is determined by the quality of risk assessment, the definition of critical sites and activities, the purposefulness and consistency of measure implementation.
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Natalia F. Altukhova
THE MODEL OF COMPETENCES AND
THE PRINCIPLES OF MONITORING THE RESULTS
OF PUBLIC ADMINISTRATION BASED
ON ONTOLOGIES
Summary:
: The competence approach has become an integral part of the personnel management system of organizations. In improving the quality of civil servants’ work, there is a qualified and competent level of public service employees. This paper presents an analysis of the situation in civil service management, outlines the problems of managing the competencies of civil servants. Within the framework of the survey, more than 365 civil servants were interviewed, from the specialist to the head of the department. The most popular competencies among civil servants have been singled out. This is general professional, normative-legal, competence of effectiveness and efficiency of work. The groups of competences ‘management of changes’, ‘self-management and professional growth’ turned out to be the least in demand. Respondents also noted a high need for updating their professional knowledge. However, the problem of knowledge sharing persists, when the knowledge received by employees is better expressed at conferences, but is mostly reserved for personal use only and is not recorded on any media. The set of competencies will allow to describe the labour behaviour, which is required for the successful performance of work in a given position or for a group of similar posts, accurately enough. The ontological approach to assessing the competencies of civil servants will link the task of assessing competencies through the transformation of a query into a set of terms and concepts with specific needs of the project, the planned task or the function performed. The creation of a decision support system to ensure that the competencies of civil servants meet the requirements of labour functions on the basis of mathematical methods will allow the personnel service to efficiently recruit employees for vacant positions in a state organization.
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Iskra Panteleeva
APPROACHES AND STRATEGIES FOR HUMAN RESOURCE MANAGEMENT OF LARGE BUSINESS ORGANISATIONS
Summary:
The study presents the results of an empirical study of the behaviour of large Bulgarian non-profit organizations in terms of their human resources. First the conceptual methodical and organizational framework of the study is described. Then we present the overall "HR picture" and the systematized data related to the application of different approaches and the development of specific strategies in this area. Thus we define the main problems and the most important guidelines for effective human resource management in certain business organizations.
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Penko Dimitrov
LEGAL REGIME OF TAX LIABILITY PROCEEDINGS
IN THE REPUBLIC OF BULGARIA
Summary:
The study analyzes the overall legal regime of tax liability proceedings in the Republic of Bulgaria. It examines the legal characteristics, the participants and the effects at all stages - from the finding of facts, cir-cumstances and tax liabilities of tax-liable persons through the proceedings for assessing the tax liability carried out by the revenue authorities to the ad-ministrative and judicial appellation proceedings. Thus tax liability proceed-ings are defined as a complex and independent process regardless of the fact that the provisions for its individual stages are contained in different regula-tions.
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Venelin Terziev
APPLICATION OF SOCIAL PROGRAMMING IN REGULATING THE DEVELOPMENT: EFFECTIVE POLICIES THROUGH ENCOURAGING HUMAN RESOURCE SOCIAL ACTIVITIES
Summary:
The study analyzes the place and role of social programming for public management as an intermediate stage between planning and budgeting in the implementation of the social policy of the state. The emphasis is on the social program, as a product of social programming and a tool for solving important social problems according to their resource commitment, contractors and deadlines for solving complex tasks and events. The consistency and complexity of the relationship between economic and social effectiveness of social programming is determined by the methodological principle that the realization of the social program itself becomes a catalyst for effective socio-economic development. The criteria for evaluating the effectiveness of social programming are outlined in the context of management by results according to the “what-if” principle complied with the social priorities stemming from the dynamic changes in the social environment. The social activities are shown in their many aspects in a dynamic social environment. It is proved that the human factor social activities are a key moment in public management and effective social policy implementation through the maintenance and development of abilities adequate to the changes in the social environment to harmonize social relations. The strategic advantages of active social programs are clarified as a system of social projects with direct information and feedback of social interaction that determines the adaptation capabilities of the program components to the changing requirements. The characteristics of an active social program for human resource development and the components of the mechanism for activating the social programs are analyzed, and a methodology for their development is created.
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Kamen Kamenov
THE COLLABORATIVE ENVIRONMENT – A SOURCE OF SOCIAL ACTIVITY OR A FACTOR FOR MOTIVATED PASSIVITY
Summary:
The study relates success, the role of personal and professional skills and teamwork on the one hand to the importance of collaborative environment on the other. The components of the collaborative system are of particular importance for the success in achieving the common goals. Moreover, even when personal and professional skills are of very high quality and the team is efficient, its actual performance may deviate in varying degrees from the expected results because of the collaborative environment. It is a source of social activity because it modifies the behaviour of the team members. The study examines the relation between collaborative environment and motivated passivity. An emphasis is put on its role and importance for individual’s deficit of ideas. In this respect the study examines two main issues - education and communication and the shortcomings of institutions and the social environment. It defines the specific problems that underlie the deficit of ideas, which is related to motivated passivity. This in turn affects the efficiency of the social system. The study provides guidelines for implementation of changes to overcome motivated passivity as a social phenomenon.
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Silvia Trifonova
TRENDS IN THE CHANGE OF THE MACROECONOMIC IMBALANCES OF BULGARIA
Summary:
The main purpose of the study is to analyze the key trends in the developments of Bulgaria’s macroeconomic imbalances. The analysis of macroeconomic imbalances is extremely important because imbalances in one member state of the European Union (EU) can have a negative impact on other member states in the Union. These imbalances are identified by the European Commission on the basis of annual Alert Mechanism Reports (ARM) published by it. The first Alert Mechanism Report of 2012 is the initial step in the implementation of a new supervisory procedure for preventing and correcting macroeconomic imbalances – „Macroeconomic Imbalance Procedure“ (MIP). The surveillance aimed to prevent and correct macroeconomic imbalances in the MIP framework has been introduced as an important tool in the EU’s economic governance framework. It is accepted as part of the so-called “Six-pack“ of legislative measures to strengthen the EU economic governance, which, among other things, provides for a significant strengthening of the oversight of EU Member States fiscal policies. The surveillance of macroeconomic imbalances in the MIP is part of the European Semester, which adopts an integrated and preventive approach to the EU economic policy challenges aimed at ensuring fiscal sustainability, competitiveness, financial market stability, and economic growth.
The present study focuses on the indicators within the MIP, describing the external imbalances and the competitiveness of the Bulgarian economy, and the trends in their change. These indicators are part of a total of 14 main indicators contained in the so-called „MIP Scoreboard“ for macroeconomic imbalances surveillance. The external sector indicators are the following five: 1) Current account balance of the balance of payments; 2) Net international investment position; 3) Real effective exchange rate; 4) Export market share in world exports; 5) Nominal unit labor cost. The units of each of these indicators, the data sources and their statistical domains are presented in the study.
For each of the indicators, indicative thresholds are set in the MIP Scoreboard. The period analyzed in the study is from 2010 to 2021, inclusive. This period corresponds to the Alert Mechanism Reports published by the European Commission from 2012 to 2023 inclusive.
Emphasis in the present study is placed on the analysis of macroeconomic imbalances in the external sector and competitiveness in the Bulgarian economy. For this purpose, the external sector indicators from the MIP Scoreboard are analyzed in the study. The latter have not been fulfilled by Bulgaria, i.e. they are beyond their indicative thresholds, during the period from 2010 to 2021, inclusive. For these indicators, the European Commission has found that there are external macroeconomic imbalances in Bulgaria during the period under review. In practice, these are the indicators net international investment position, nominal unit labour costs and balance on the current account of the balance of payments.
The present study contributes to a more complete interpretation of the quantitative data in the MIP Scoreboard for Bulgaria and the associated assessments of risks to macroeconomic stability in the context of the specifics of the national economy.
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Andrey Yordanov
TRANSFORMATION TO AGILE PROJECT MANAGEMENT – CHALLENGES FOR THE IT INDUSTRY
Summary:
The purpose of the paper is to analyze and critically evaluate the challenges facing the organizational migration from traditional to agile project management and to propose an organizational framework with conditions for a more successful transformation to Agile in the IT sector. The research thesis states that migrating from traditional to agile project management is a complex organizational innovation that may face multiple barriers and challenges. Overcoming these barriers requires creating appropriate conditions that are relevant to the identified weaknesses and at the same time enforced not in a bureaucratic but flexible way.
The tasks of the study are: 1) Clarifying the evolution in project management and key factors and challenges in the transformation from traditional to agile project management; 2) Empirical study of the critical factors for a successful transformation towards agile project management; 3) Formulation of proposals for the necessary conditions and organizational inter-ventions to support the process of migrating to the agile approach. An empirical study was conducted and the factors and challenges in the process of moving to Agile were investigated among respondents from different companies (n=98). On the basis of the findings, key conditions for organizational interventions to be followed to implement an efficient migration to an Agile have been identified.
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Momchil Antov, Krasimir Kulchev
IMPROVEMENT OF CUSTOMS CONTROL IN THE ANALYSIS
OF FINANCIAL SOLVENCY OF AUTHORIZED ECONOMIC OPERATORS
Summary:
Modern trends in customs control were related to the development and implementation of new control procedures allowing both effective manifestation of its basic functions - fiscal, economic and defense. The aim is to achieve a balance between the ever-increasing requirements for customs administrations in terms of security and safety of international trade and the willingness of retailers for easy and quick clearance of their goods. In this connection, a so-called „Simplified customs procedures” and in particular the status of „Authorized Economic Operator”. Its use is associated with certain requirements (conditions) that must be met by those wishing to gain access to specific facilities in the course of covering the activities of their customs procedures. This necessitates the need for controls, allowing authentication extent of these requirements.
From the standpoint of customs control checks on the criteria for financial solvency go beyond the conventional application, which is the reason for the existence of some difficulties in their implementation. Priority application here is the financial analysis, but at the moment in our customs administration has not developed a unified analytical methodology for arriving at a more accurate and specific conclusions and assessments. In this paper are considered peculiarities of the customs control of the said criteria and offer two analytical approaches allowing the more precise studies on the financial solvency of the persons with the status of „Authorized economic operators”. These are preparing comprehensive assessment and analysis of individual factors.
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Elena Yordanova
FACTORS FOR MANAGERIAL COMMUNICATION EFFICIENCY
Summary:
Many contemporary researchers in the field of management science believe that culture is a factor that is as important for the economic development as the market itself. This shows that a profound change has occurred in the basic concepts in terms of a new, people-oriented bias as well as that today there is a new type of managerial relations and communication based on values shared by managers and their subordinates in the organization. The study aims to analyse the organizational culture and the ethical values as performance factors of managerial communication. This is one of the most common and complex problems that social organizations have to deal with and which affects the efficiency of their management. The main research thesis is to confirm the importance of organizational culture and ethical values for the development and enhancement of the new socio-economic relations in the global economy of the twenty-first century.
